What is AA Smart Account?

Published on Sep 4, 2023Updated on May 21, 20246 min read

Account Abstraction (AA) Smart Contract Wallet is a wallet ensuring the assets are exclusively controlled by smart contracts while introducing advanced features like batch transactions, gas delegation, key recovery, and more. Learn more about the AA Smart Account's exceptional features.

In the initial phase, OKX Wallet will support the creation of AA Smart Accounts on 7 chains, including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKTC.

Why do I use an AA Smart Account?

  • Enhanced security: you can implement multi-factor authentication and account recovery.

  • Improved convenience: previously complex actions that required multiple interactions with a regular account, like token swapping on a DEX, can now be completed in a single step.

  • User-friendly: it removes the dependence of Gas on the main chain coin, allowing you to use any token to pay Gas, including stablecoins, and realizes the third-party payment of Gas.

  • Expanded possibilities: the wallet itself is a smart contract, providing the same level of security as the OKX Wallet while offering additional customizable functionalities.

How do I create/import an AA Smart Account?

AA Smart Account is generated from a common account to control on-chain behavior and account recovery. In order to create/import an AA Smart Account, you need to create a wallet. Learn more to create and import a regular OKX Wallet.

Create an AA Smart Account

1. Once you have your wallet created, simply select Add Account > Smart Account to create an AA Smart Account in your wallet

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Select ▼ to create an AA Smart Account

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Select Add Account to create an AA Smart Contract

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Select Smart Account to create an AA Smart Contract

Note:

  • You can create only one AA Smart Account under a keyless wallet or a private key wallet

  • You can create only one AA Smart Account under each account in a seed phrase wallet.

Import an AA Smart Account

In order to import AA Smart Account, you need to import the corresponding wallet. Learn more about how to import the wallet. If your AA Smart Account was created in a keyless wallet or private key wallet, your account will be auto-retrieved as long as your AA Smart Account has a balance after you import your wallet.

If your AA Smart Account was created in a seed phrase wallet, you can only view your first account after you've imported your wallet. You're required to add the corresponding amount of account into your seed phrase wallet in which your AA Smart Account is.

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By default, you will see the first account in your wallet. Select Add Account to retrieve your AA Smart account

FAQ

1. What are the differences between Externally Owned Accounts, Contract Accounts, and AA Smart Accounts?

Externally Owned Accounts (EOAs) are accounts where we have direct control over private keys, such as those created using seed phrases, keyless wallets, or hardware wallets in OKX Wallet. Contract Accounts (CAs) are controlled by code logic and do not possess private keys. They include token contracts and DeFi smart contracts. AA Smart Accounts combine the advantages of both EOAs and CAs, making the account itself programmable. They offer features like batch transactions, gas delegation, key recovery, and more.

2. Can I create an AA Smart Account without a wallet?

You can't create an AA Smart Account in OKX Wallet without having a regular wallet. Learn more about how to create an AA Smart Account.

3. Can I delete my AA Smart Account?

Yes, you can. Learn more about how to delete your AA Smart account.

4. What should I take note of when using an AA Smart Account?

The advantages of using an AA Smart Account include the ability to pay gas fees directly with stablecoins and the option to enable third-party gas fee payments. However, contract execution usually incurs higher gas fees and transactions can be expensive during network congestion. The adoption rate of AA Smart Accounts is currently low, and some DApps may not support them, which can result in errors and potential missed rewards. To mitigate the risk of losing access to an AA Smart Account, it is recommended to create a regular wallet using the OKX Keyless Wallet and then add an AA Smart Account under it.

5. Why are the gas fees higher when using an AA Smart Account?

It mainly relates to the following two points:

  • When users interact with an AA Smart Contract for the first time, the contract needs to be deployed. For example, if you perform a one-click swap on a DEX, you will incur fees for the contract deployment, resulting in higher gas fees.

  • Invoking a smart contract involves more complex interactions compared to simple token transfers. These complex interactions require additional computational resources, which naturally leads to slightly higher gas fees.

6. Which DApps currently do not support AA Smart Accounts?

Find out more about the DApps which temporarily don't support AA Smart Account.

The Future of AA Smart Accounts

In addition to the initial features mentioned above, OKX Wallet has planned to introduce more exciting functionalities in the future, including:

  • Social recovery

  • Providing a wallet mini-program component framework to facilitate friend-to-friend gas payment and other interesting extensions

  • Multi-signature functionality

  • Advanced on-chain investment strategies, such as copy-trading and modularity